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  1. #1
    Gird your loins Daisy Hill's Avatar
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    12.12.17 @ 09:51 AM
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    Default Habitat for Humanity to foreclose on homes in Cleveland

    I agree with this completely except for one little thing....how the hell do people get 4 years behind in their mortgage? and if Habitat has not already drawn a hard line with these people, how do they expect that a low income client is going to come up with what could amount to tens of thousands of dollars

    You have to be better than that with donated money. You have to be respectful of the donor.




    CLEVELAND (AP) -- Habitat for Humanity plans to foreclose on 25 houses in Cleveland if the homeowners do not respond to warning letters about their overdue mortgage payments.

    The Christian nonprofit organization helps build homes for low-income families worldwide. Some of its Cleveland homeowners are more than three years behind in mortgage payments, The Plain Dealer reported.

    John Habat, executive director of Habitat's local chapter, said letters will be sent to those property owners within two weeks telling them with they can do to avoid foreclosure. If they do not respond within 32 days, officials will foreclose on the homes, Habat said.

    Habitat for Humanity was among the nation's largest builders in 2010, when it constructed nearly 4,600 homes, and the group's foreclosure rate is less than 2 percent nationwide, the newspaper reported. Habitat also has taken foreclosure steps in Florida and Georgia.

    Habat said the housing market presents a good opportunity to help low-income families, but people "have to understand the expectations of what homeownership means."

    Deeds to the properties are held by Habitat for Humanity, with homebuyers typically getting a 30-year, no-interest mortgage. They are required to make monthly payments, usually under $500, and must work at least 500 hours on their homes and attend financial literacy and homeownership workshops.

    Owners facing foreclosure, on average, are 38 to 40 months behind in payments. They could avoid foreclosure by catching up on payments, challenging their balance or working with a local housing group to redo loan terms, the newspaper reported.

    Several families may have stopped making payments because they believe the organization does not foreclose, Habat said.

    "This time they're going to see we're serious," he said.

    In the past 20 years, Habitat has built 160 homes in the Cleveland area, and it has foreclosed on eight homes there since 2008.
    Last edited by Daisy Hill; 01.30.12 at 08:14 AM.

    survivor of the Bowling Green Massacre 9-3-2016 BGSU 10 OSU 77

    She was warned. She was given an explanation. Nevertheless, she persisted.

  2. #2
    Baluchitherium Ted Van Halen's Avatar
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    12.12.17 @ 07:23 AM
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    Quote Originally Posted by Daisy Hill View Post
    I agree with this completely except for one little thing....how the hell do people get 4 years behind in their mortgage?...
    Perhaps that 4 years is "payment in lieu" of sorts for the 500 hrs of labor the home-buyer has to "invest" at the outset. IDK.


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  3. #3
    Gird your loins Daisy Hill's Avatar
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    12.12.17 @ 09:51 AM
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    Default

    no the 500 hours of work on the homes is in lieu of a downpayment...it is their "sweat equity"

    survivor of the Bowling Green Massacre 9-3-2016 BGSU 10 OSU 77

    She was warned. She was given an explanation. Nevertheless, she persisted.

  4. #4
    Good Enough VH Wahoo's Avatar
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    08.31.15 @ 02:01 PM
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    "Several families may have stopped making payments because they believe the organization does not foreclose, Habat said."

    Bingo, although I would also add "or would not foreclose" to the end of the sentence. Really though, if you're already 38-40 months behind on your payments, what's to make you think any differently?
    Bumper sticker on my rocket's ass...

  5. #5
    Good Enough pal1800's Avatar
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    Nothing is free, it costs somebody. Too bad so many believe otherwise. I understand hard times, but you have to do something...

  6. #6
    Baluchitherium Ted Van Halen's Avatar
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    12.12.17 @ 07:23 AM
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    Quote Originally Posted by Daisy Hill View Post
    no the 500 hours of work on the homes is in lieu of a downpayment...it is their "sweat equity"
    Ah.

    Makes sense. Hang, If I could have gotten an interest-free note and a sub $500 mortgage, I'd have taken a LOA from work & put in 1000hrs on my house.


    TVH
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    If there must be trouble, let it be in my day, that my child may have peace. -Thomas Paine


    What is government itself but the greatest of all reflections on human nature? - James Madison


    Any man who thinks he can be happy and prosperous by letting the Government take care of him better take a closer look at the American Indian. - Henry Ford

  7. #7
    Atomic Punk Dave's Dreidel's Avatar
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    12.12.17 @ 01:37 PM
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    I have a client who is a director at Freddie Mac.

    They aren't foreclosing homes in many areas now, in essence letting people live in the homes for free.

    Basically, what he told me is that if they would take a huge loss on the home, they are letting the people stay so that the home does not fall into disrepair and become destroyed for piping and other raw black market materials.

    So basically, if you are far enough under water that Freddie can't sell your home and get their money back, they will basically let you live there for free until the housing market turns around.

    Nice.
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  8. #8
    Gird your loins Daisy Hill's Avatar
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    12.12.17 @ 09:51 AM
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    Quote Originally Posted by Ted Van Halen View Post
    Ah.

    Makes sense. Hang, If I could have gotten an interest-free note and a sub $500 mortgage, I'd have taken a LOA from work & put in 1000hrs on my house.


    TVH
    I had a tenant in one of my mobile home parks who came to me for a reference for one of these homes every year for several years

    They finally got one. Months before the habitat home was ready they stopped paying their rent to me....never mind my good reference was part of the reason the qualified

    moved out.. virtually gave their mobile home away without telling me, stuck me with several months rent and a tenant who did not qualify to live on my property

    by the time they got thru trashing then abandoning the home I was stuck with a lot of legal fees, towing and disposal, and lost rent

    cost me thousands

    that's how some of these people think...they got what they wanted and didn't care what they stuck me with

    I have never donated to habitat after that....and I'm a donating kind of person

    survivor of the Bowling Green Massacre 9-3-2016 BGSU 10 OSU 77

    She was warned. She was given an explanation. Nevertheless, she persisted.

  9. #9
    Damage your reputation seenbad's Avatar
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    11.30.17 @ 06:15 PM
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    Quote Originally Posted by Dave's Dreidel View Post
    I have a client who is a director at Freddie Mac.

    They aren't foreclosing homes in many areas now, in essence letting people live in the homes for free.

    Basically, what he told me is that if they would take a huge loss on the home, they are letting the people stay so that the home does not fall into disrepair and become destroyed for piping and other raw black market materials.

    So basically, if you are far enough under water that Freddie can't sell your home and get their money back, they will basically let you live there for free until the housing market turns around.

    Nice.
    That's just brutal for me to hear. I've always prided myself for making bills on time and being able to pay them period. I have an excellent credit rating. I'm under water on the mortgage but oh well, who isn't. I keep on paying along, chipping away, hoping it'll turn around. Until it does, I'm pretty much geographically stuck even though I have a job that I could move with, and I'd like to very much. Pisses me off that I'm busting ass to make payments when I hear of so many that have just up and stopped. Nobody has any fucking pride anymore and the ones that do are basically just getting screwed when you hold it all up to the light. Hoping we might get back to a day where a good credit rating can actually help you again.

    #frustratedinPortlandia
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